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tv   Street Signs  CNBC  June 17, 2016 4:00am-5:01am EDT

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welcome to "street signs." these are your headlines. u.k. toll pigss suspend referendum campaigning after jo cox is stabbed in her own constituency. >>sterling is on the way up. >> ericsson shares after u.s.
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investigations. and a repeated crisis of confidence due to political risks. we'll swepeak with christine christine lagard. welcome to "street signs." looking at more data crossing the tape this morning. the surplus for the 19 country euro zone jumped sharply in the month of april according to data from the european central bank. the current act balance is $36.2
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billion euros. so the numbers also adjust the seasonal calendar. as a percentage of gdp it is 3.1% versus a lower level of 2.8% a year ago. so the numbers not really having a huge impact on the euro dollar. there subpoena a risk appetite on equity markets. let's push on the tape and see how the european markets are doing about an hour into the day. across the markets you have seen an appetite for many of the different indices. we were strong on the french and german markets, but looking back, the real strength of these markets have been on the p
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peripher peripheral. it has been the spanish stock market that has been the real leader here. right across the charts by sectors you see a real balance and banks are holding on to a balance of more than 3% pap very firm day and if i could take a moment to look at the banking sector, it has lifted us off of some lows. so don't forget that we come right back on the european insurance stocks bouncing higher. the trouble is you're getting gains not at the bottom end of the scale. and it is interesting in is a sector we have seen about seven straight days of losses on the nasdaq. there has been a little appetite
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around some of the big tech stocks. groups on both sides of the eu referendum suspended their campaigns after jo cox was shot and killed in her constituency. tributes have been pouring in. >> she someone that was dedicated to life, human rights, and justice. he worked on anti-slavery campaigns. he became an mp for the area where she was born and grew up. in parliament she was respected across the house. she had a deep passion for human rights. >> we lost a great start, a great campaigning mp with huge
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compassion and a big heart. >> the test tribute that this city and this country can give to the memory of jo cox is to share our renewed commitment. to promote the common good in the united kingdom and the world. >> sterling is trading higher. the government says the attacks of pro-eu lawmakers. it could make the brexxit less likely. right at the front of the charge you see the training session jumped. across the morning there was a second spike.
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the imf was set to release an investigation. in the meantime, they have used strong language to urge the euro zone decision makers there is a risk of derailment given a sharp uptick. the managing director of the imf christine lagarde will be joining us later today. and japan is prepared to take action against the yen's climbs which he called one sided, sharp, and speculative. the bank of japan, and financial services ability went to discuss
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the news and says the volatility is heightened. five other central banks are working on a funding agreement. this according to sources reported by reuters. you have seen central banks coordinate action for smooth operation of markets. >> yes, contingency plans, especially if the financial markets need it. if there is not a disruptive market for the brexxit. i think the question is about the currency as you pointed out. levels. we are seeing appreciation and yen levels. i will say we're going to continue to see the yen act as a
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victim. as we get closer to 23rd referendum in europe. the issue here is not necessarily about the right levels in terms of the dollar yen and whether or not that will be the capitalist. it is about the rates of the appreciation. i don't think intervention is necessarily a done deal. even if we do see 100 or 101 in terms of the yen appreciation if is because the japanese authorities really painted themselves sbools a corner because they signed up for all of these protocols on the evaluation and not to mention the watch list of the u.s. treasury. that is a political fallout to be had. there are questions about it's efficacy if they do intervene as well. i think looking at the end trait is the rate of appreciation.
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moving higher and the volatility will be very important here. we are seeing something of a hiatus in the yen aprepreciatio. caution is the word as we get closer to the referendum next week. no one wants to make any major moves in this market until we see where we stand. >> i have been doing a little charting here, we have been at these levels before, it's not new territory, but if you look at the speed of the unwind this year, it has been a downward a path, and that means appreciation for the japanese company spp that real tangible talk that investors can seize upon? to stop some of the speculators
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without really intending to do anything? >> i think from the ministry of finance position in japan, the charge be w intervening and smoothing out fluctuations. they're trying their utmost. so it is verbal intervention at this point in the game as opposed to physical intervention. it doesn't cost anything to issue common words on the yen levels they're prepared to interview. it comes back to the issue of is there a line in the sand here? does it really -- is the issue the rate of the appreciation, even if it is, even if it ticks all of those boxes, like i said and i must stress this, they're hands are tied. there is political fallout, and there is evidence, they signed
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up for all of these protocols saying they will be involved in the evaluation. they owned the treasury watch list if is a very broad issue to correct imbalances and excessive moves in the currencies. so it's not for sure. let's also remind ourselves that the yen continues to be a favorite face-to-face harbor among international investors because there is a fair degree of risk on the table. to so you have to continue to see the yen demand, all of these other bonds, quality bonds, summary bonds getting all bid up as well.
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so a victim of it's own success. >> do you think a gap in the stock can help between the central bank and the government of japan? there was also a negative interest rate adopted that was a negative perception that the government had. you have the japanese economy minister saying the recent data shows japan's economy is existing deflation. i find it very hard to naught in context with what was happening yesterday that the consumer inflation saying prices are likely to fall. that does not tell the story of an economy. >> a couple things i will say on that. the first thing is remember they have the sales tax hike on
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hiatus. they should have a form for the japanese consumer. so what are the policy implications here? does it take the pressure on the bank of japan to step up to the plate to do more to try and reinflate the economy. i don't think it does. i think there is still a lot of pressure on the doj to do a rlo more. that takes us to the july meeting. let's not forget that negative rates have acted as a tax on the consumer and on savings as well into it goes back to unconventional policy. scaling up equity purchases, doubling the pace. but even if we do see that kind
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of shot in the arm in july there is still no guarantee we could get to 2% inflation. i think it comes back down to abenomics and structural reform. we have seen a degree of backsliding on that. >> thank you very much for that. just to round out the points, the dollar yen close to the flat line and still falling this morning. there is still an appetite across foreign exchange. vladimir putin will address petersburg forum later today. he will meet with the italian prime minister and they look to submit their economic alliance. take a listen.
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>> they should stop their, you know, bad taste propaganda. if they're seeing the from the of actual collaboration we need to restore the bridges of communication because, you know, in my perspective, i suppose everything stopped. the stage, they are not negotiating. they are accusing. they are claiming. they are making statements. that is it. governments, they are not collaborating on matters of approving actual economic climate. they are not improving the agenda of collaboration. but listen i am old enough to remember cold war period. and i can tell you never even during that period all the linkage between the element of civil societies were cut that
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roughly. it is unbelievable. >> are western political leaders making the problem worse here? >> for example we have jean claude yakunin come here on the bridge building exercise but when i read his speech and i'll quote from it, russian actions have shaken the very principles of the european security order. sovereign equality, the non use of force and territorial integrity matter. they cannot be ignored. there was an illegal annexation of crimea. and these are his words as he's come here. is that appropriate language for conflict resolution? >> on one side, despite the criticism, he has decided to go to st. petersburg forum. and that is positive. but that is the only positive
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reflection because everything which was said. there is no glimpse of any positive attitude. any positive direction how we can overcome everything, you know. it is not to find the bridge or construct the bridge. it is vice versa. so to my mind that was kind of equilibria on one side. i'm one side i'm courageous i come. on the other side i did everything to show those russians they are so bad guys and, you know, they should be punished and etc. that is not the approach. that is not correct communication technology at all. >> you can get involved in the many conversations we're having on the show this morning. the e-mail address is "street signs" europe at cnbc.com. also on twitter this morning. thank you to those correspondents who have been with me throughout the morning. much appreciated having your support.
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and today's biggest moving stocks. that to take over from outgoing ceo. this is italily's largest bank comes under pressure to suggest names. hsbc has reached a agreement to pay $1.5 billion to settle a lawsuit regarding subprime lending. if it proceeds is expected to result in a something.
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between 19 9 and 2002. fundamentally misconceived is the assessment from barclays for a 1 billion plus dollar lawsuit brought by british financier. claiming damages over differences between terms offered to various investors in the fundraising. german maker vw reported deliveries were down .7% last month. secondly the there's more. porsche, which isn't the main shareholder in volkswagen will not dispute the dividend at the
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meeting. volkswagen is set to shift gears with its 10 year strategy plan as the embattled car makers seeks to move on from the diesel emission scandal. >> vw is shifting gears. after a tumultuous year filled with scandal, billions of losses and the ouster of its long time ceo. volkswagen says the current ceo has lurnd from mistakes. >> at volkswagen doors have opened up. the readiness for change has grown considerably. >> muller laid out vw's plan for how it will change between now and 2025. first, more electric vehicles. in fact the company hopes to sell 2 to 3 million annually by 2025. meanwhile vw will push mobility solution likes car sharing and ride services. and finally a focus on sustained profits. but more importantly volkswagen
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is no longer proclaiming it will become the world's largest auto maker. a goal it embraced for years. critics claim that ambition as one reason vw executives lied about emission, rather than deal with an issue that could have slowed sales. >> volkswagen is a long ways from getting past the diesel emission scandal. in the next week they are expected to finalize details for exactly how much compensation, nearly 600,000 owners will receive here in the united states for their defective diesel models. and after that it will take months to settle those claims. that is the story from here in the united states. investigating --. this according to a swedish newspaper. ericsson declined to comment. regarding questions over its operations received back in 2013 in march. and you can see the stock price
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has been under pressure today in what is a broadly a higher sweep across markets. traveling down to the tune of 1.8%. >> siemens and gamesa have agreed to combined their wind energy business. stock bouncing 1 and a quarter percent. pimco has shed 3% of workforce and asking more staff to take voluntary redundancy. pimco's assets stand at 1.5 trillion down from a peek of $2 trillion. i think probably in context here is the fact that you still have on tight on bond muskets for fixed income and this is after investors have been talking down the merits of the bond markets. you have seen all the uncertainties make a play for fixed income.
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in other news, certain investors in uber and didi chuxing are backing two rivals in the same race. questions have been raised over the possibility of a conflict of interest and information sharing. a real change in psychology around uber investors. in the meantime jeff and julia caught unwith the co-founder and hyperloop. >> very comfortable. i led the series of uber in 2011 when uber was 9,000 customers and 1.8 million in revenue. i think by 2018 they will be in
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the 10s and 10s of billions in gross revenue and they have scaled tremendously around the world and they are only in 600 cities so far and many thousands of cities to go. they have fundamentally changed the way people transport themselves and the ideaed of car ownership has changed forever. we view transportation as a new broadband. so for uber and hyperloop we look at the speed of packetizing the atoms and bits. how fast are the physical parts of the world moving and how is that moving the global economy. and uber has become a major part of than. on top of that we're investors in airbnb as well. another company that is completely transforming their sector. what we look for are companies that create completely new markets. not take on old markets, old gash compa garb companies but take on and invent a completely new market
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that has almost unlimited scale in its capacity to grow. >> let's talk about hyper loop one then. this is at the moment a technology that is on the drawing board. as the scramble so get to market with an exexploitable product. you are racing with a number of competitors. are you going to win? and if so how are you going to fund it? >> sure, hyper loop, we just announced we raised over 120 million. we recruited the president of cisco as the ceo. and we did the actual tests in nevada of the propulsion system. so we're building and engineering and using steel not powerpoints. full scale, full pod. we'll be able do cargo, people.
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you will use uber within cities and then between cities you would use hyper loop. >> and england wins 2-1 against wales in a fiercely contested derby yesterday. jamie vardy brought england back into the game with a scrappy goal. what is a scrappy goal? i thought a goal was a goal. and the daniel sturridge with the winning strike in the dying moments of the game. elsewhere in group c, northern ireland sealed their first victory in a major tournament for 34 years, sending offer ukraine two-nil while germany and poland played out a goalie's draw.
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and spain take on turkey later today and czech republic and croatia also in action. plenty to watch on the telly. we have to take a break. we'll be right back.
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welcome back to strooin"str signs." these are the headlines. >> we have lost a great star. she was an mp, great campaigning mp with huge compassion and a big heart. >> sterling rises on a perceived boost for the remain camp.
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ericsson shares under investigation for corruption allegations in china. and europe is at a critical juncture. the imf warns the region could suffer repeat ed something. worth noting there are a few index changes in the backdrop today. the quarley review of the ftsi 100, the ftsi 250 and the small cap indices. could be a few technical factors. a couple of stocks come out of the index and others join.
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elsewhere you have seen the xetra dax not holding on to highs of about 1.5% but still firmer in the day. 1.1 an the cac. the peripheral markets the likes of italy t ftsi mib and also spain that have been bouncing more than 2% and holding on games. suggesting there is risk appetite for the parts of the markets that have been more beaten up in the selloff in recent days. terms of sectors we are stronger across the board and banks well and truly the focus for investors are going to bounce about 3.4%. there's been a lot of concerns about what lies in the balance sheets. swiss regulators suggested they might need to use -- to improve the balance sheets. as the day of back on for buying up the sector. travel leisure is up 2.1%. the weakest is technology when strange when you look at some of the interest in the technology sector in the states.
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this sector just up a third of a percent. very small increases versus the rest of the european markets. let's switch over to u.s. futures. it was the markets that yesterday actually pushed higher. and you saw investors across the board paying attention to the gains. we've got bit of a mixed picture you have to say looking a little weak before the start of the session. it has been a pretty weak market for the u.s. across the course of the week and despite bounceback yesterday the s&p 500 and the nasdaq are on pace for backback weekly decline. in the meantime tributes are pouring in for jo cox, fatally shot in her constituency in west yorkshire yesterday. a look at the legacy of the young law maker. >> jo cox an aid worker turned
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lawmaker. her life spent helping others. but no one could help her when a man brutally stand and shot her on the street in broad daylight. >> she has died as a result of her injuries. >> police quick arrested a man who is their own suspect. motive unknown. the shock almost beyond words. >> for this to happen is just -- >> jo cox was 41, a mother of two. elected just last year and rising fast. >> we've lost a great star. >> our communities have been deeply enhanced by immigration. >> she championed immigrants in an area with many. and was killed in an country where guns are few and gun laws strict. there are conflicting reports from witnesses that her killer may have shouted put britain first as he attacked her. she was shot preparing to meet constituents, echoing the
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attempted murder of form congresswoman gab bigiffords. who tweeted she was sickened. her husband tweeted this. our precious children are bathed in love and we all unite against the hatred that killed her. politicians unite in a shocked country. >> there are conflicts views in the uk housing market given political uncertainty and mixed economic data there are many variables which cannot be confidently predicted at this point. joining us around the set is david adams, managing director at john taylor in the uk. and jim we've been talking about the property market. set the scene where we are it seems as if there is a little weakness coming in at the moment. >> we're seeing a slowdown1 in transactions that's come in since the first of april when the additional charge was introduced and we're really
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waiteding to see what's revealed in about two weeks time. at the higher end of the market where the slowdown in transaction started quiet a bit, we are seeing that follow through into price falls. yet to see that extend to such an e extent in the mid and lower price although there is concern that will start moving as well. at this point maybe we could turn around to david and see what he's seen around his clients. >> certainly. a huge fall in volumes of sales in 2015 as a result of the change in government tax policy and whenever the top end of the market starts to fall it always takes some time for the middle part of the market to catch up. now seeing that same fall in volumes and start of a fall in price in the mid part of the market and also seeing that flow out of london into the home counters. that's always what's occurred in the past. if you put the brakes on the first class carriage at the
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front of the train you must expect the other carriages also to slow down. >> different areas you sell and manage property and almost like exotic travel history. high end places. monte carlo and different places across europe, all the major cities. what is the appeal of london? how careful does the government need to be about tweaking the top end. almost in context, why is london so appealing for some of the big investors that you speak to? >> london has always been a major center for investment. very big financial center. big banking center. fantastic accounting center. it is great for schooling a lot of my clients come here because they want to put their children through british schooling. the advantage they leave with a good education and a second language. fluent in english. so it's been very attractive for a long time. we have started to see a flight of capital from london in 2015,
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which i believe will continue after the referendum regardless of which way it goes. >> -- is it going into the property market elsewhere in europe? >> it is. so basically our french officers, their phones have lit up because the transaction taxes in england are so high for buying a second property. 15% in london twcompared to 1.5 in france. and lots of people going to portugal. >> given some of the concerns around terrorism in france. elevated risk across the country. wouldn't that have some impact on investors. >> my investors, i don't think they invest. i don't think terrorism effects their investment in europe. i think it is to do with tax. i think it is to do with taxation stability. i think it is to do with schooling and lifestyle. >> with regards to the policy changes we obviously also have
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as the backdrop the upcoming brexit vote. how easy to discern why the slowdown1 coming from policy and so to extent the brexit vote. >> well before the referendum was announced. and my clients are telling me the reason they are not purchasing is because of high taxation. the reason a lot of non doms, 60% are considering leaving england is what they perceive is a lack of stability in taxation policy. every budget is another moving of the goal post so they are moving because they consider lack of stability. my clients are probably like the rest of the country 50/50 split on the referendum. 50 want to vote in because of economic arguments. el and think those that don't understand some of those people are stupid and 50 want to vote out purely political arguments
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and think economic arguments shouldn't even come into consideration with how you vote for the referendum. >> with change to the non dom policies do you expect the beneficial or in egg. >> it is going to be negative. the reason london has been such a fantastic economic center is because the wealthy come here and employ lawyers and accountants and financial advisors and buy property. and eat in the restaurants and employ nannies and drivers and they shop here. and if they decide they need to move elsewhere because it is too unstable here from a tax point of view then they do their shopping elsewhere. they employ people elsewhere. they transact elsewhere. the rich in the country pay the majority of the taxes. if we have policy which forces them to go and shop elsewhere, those who have to stay here that aren't rich have to pick up the tax tab. >> good point about the investor also being an employer. thank you very much for joining us david adams, managing
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director john taylor uk. and cnbc reporter --. thank you very much. president barack obama has visited orlando to meet with the families from the attack on the gay nightclub. he urged lawmakers to make it harder for people to buy highly powered weapons. >> i'm pleased to hear that the senate will hold votes on preventing individuals with possible terrorist ties from buying guns. including swassault weapons. i truly hope that senators rise to the moment and go the right thing. i hope senators who voted no on background checks after newtown have a change of heart. and then i hope the house does the right thing and helps end the plague of violence that these weapons of war inflict on so many young lives. >> meanwhile a mammoth 15 hour
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filibuster by democrat chris murray resulted in a cross-party agreement in the u.s. senate to vote on measures aimed at restricting ability to buy and own guns. nbc's tracie potts joins us from washington with the latest. tracie. >> good morning. we now know exactly what the senate is going to be voting to move forward on monday. not a final vote but to move this gun control measure forward. four separate measures looking at internet sales, gun show sales and background checks for those. and also different ways of restricting sales to terror suspects. people on terror watch list, on the no fly list. will be the fbi be notified? will they actually have to delay getting their gun? or will they flat out be denied a pps of a weapon? there are several option asks it is not looking likely they will be able to get the 60 votes needed to try to at least move this forward to a final vote in the senate.
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but there is a lot going on behind the scenes when it comes to these gun control measures. republicans are concerned there are a lot of innocent people on some of these watch lists. and they want to make sure that there is a process, due process for people to get off that watch list before their second amendment rights are restricted. >> that is a good point tracie. how many moving pieces are there about connecting up authorities access to those who are on the watch list and then those who have access to guns? is it a very difficult policy to enact even if senators vote are if -- vote for it. >> it is challenging. you have several watch lists. the portion of the no fly list. how do you identify a terror suspect versus someone who's been convicted? who you do restrict the rights for is part of the conversation going on in the background here. >> need to stop the very high crime rates and the awful incident in orlando, for
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instance. we've had very tragic news here in the uk as well. and what seemed to be a very old gun might have been used. does it do anything to stem the violence by tackling gun control in this manner or is something more aggressive required by lawmakers? >> well the argument of nose who oppose gun control here is that that would not have helped what happened in orlando because he was able to legally purchase the gun but the focus really needs to be on containing isis which is influencing so many people to do things like this. >> appreciate your commentary in the latest tracie. coming up. why investors are pouring cash into uber and didi chuxing. and something else
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hedging bets by backing both, according to reports. questions have been raised over the possibility of a conflict of interest in information sharing. don't forget very unusual because in the early days of uber investing, some investors were asked to pledge allegiance to just uber and not buy into the likes of lyft. a real change in the background of the investor here. almost like having two apps on your phone. in case one doesn't work you have another one to turn to. and just turned to the president of systema and asked where valuations were too high? >> sometimes yes. sometimes we just need to invest another 5 billion and then we are going to make a hundred billion market cap and i'm like yeah but, you know, what if you don't? >> what if you don't.
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and the problem is where is the exit. or where is the exit strategy i think for many of these companies. >> unless they start generating cash it is very difficult. and the previous bubble, internet bubbles we saw were exactly about this. people believed back in 2000 all of those internet start ups are going to make huge amounts of money. and some point became clear they are not. and when the investor confidence in the ability of those businesses collapsed t market collapsed. now it is the so called unicorns and people believe that unicorns are going make matter no matter because they are unicorns and not much competition and so much about scale that no matter what they are going to start making money. and referring to examples in facebook and others. and maybe they are right. it is very difficult to say who is -- no one has a crystal ball but i would definitely say at least for my perspective i see
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that risks are increasing of a bubble being formed and eventually bursting. >> and difficult to make the numbers add up i guess. >> difficult to make the numbe s s add up. not that big of a case in our core business because our core business is in russia and it is with bricks and mortar. we grow apples. we produce milk, we produce wheat. make paper sacks. produce wooden products. provide private medical care. things people are going to continue consuming and paying money for and as long as you have a competitive cost basis and if you are efficient in running this business you are going to continue making money. maybe you are not going to create multiple billions in market cap out of hope there is going to be something great in the future but you are going make your money now. >> and just on the russian tech, how far are we away do you think in reality from something that looks like a silicon valley scale tech business?
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>> in russia? >> in russia or maybe like another alibaba? or just something that emerges from a start up into the giant? >> there are two different -- two different kind of markets i would say. one market is the b to b market. when the start ups are designed not for consumers but for businesses and actually the majority of u.s. venture start ups and venture capital goes into those kind of start ups that solve problems for existing industries for business customers. and that is a queion of infrastructure. once you have a lot of companies working in a lot of markets that can potentially consume new services and venture companies you have this easy structure and it is toe easy to invest. in russia doesn't exist. that will take years to develop. as far as business to business customer applications yeah it
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can be very successful. so those stories we're investing right now in one of the leading players not only in russia but in facial recognition and can be applicable to many different things. you won't even have to use your credit card in the future anymore. you are just going to have to pass by the counter in the super market and it will identify you. those kind of things are possible and i believe that in russia we can find some very good teams that can do this. >> the ceo systema there speaking to jeff.
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more drama out of via com. sumner redstone has removed five of the companies directors. including ceo philippe domen from the board. the move could be a prelude to a shake up of the company. oracle reported higher than expected quarter revenue. shares of the company rose almost 4% in extended trading. shares of firearm make smith and wesson surged on thursday after a strong quarterly report. shares of smith and wesson have surged almost 40% in the past year, partly because of mass shootings. including one in san bernardino california that increased calls for gun control. and in the another sector
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cosmetics maker rev lon has agreed to buy elizabeth ar arden. the deal will help the companies take on rivals e stay lauder and lawyerial. shares rose on thursday. foreign exchange markets. sterling has been mostly higher in the session on a perceived boost for the campaign in favor of remaining in the eu following the news that british labor mp jo cox was killed. you can see up .6%. equity markets have been also trading higher on the day. 1 plus percent on the ftsi and the dax. the telemarket ahead 2.5%.
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400 plus points attached to the index. julia caught one t the russian finance minister and spoke to him about the global ram fictions of the eu referendum and how concerned he is about a potential brexit. >> there are a lot of different opinions over the consequence of a brexit from the eu. without a doubt it could have an effect on the volatility of the market and foreign currency exchange rates. to what extent this volatility will occur to a greater or lesser extent, nobody knows this matter of supposition. nevertheless i don't think for russia it will effect our situation with the money markets, our situation with the foreign currency exchange rates. nevertheless we are interested in a stable situation with our trading partners because europe is our main trading partner and it is important for us that the trading conditions that have developed are not fundamentally changed. therefore whatever the decision
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taken in britain about remaining or leaving the eu, we believe that the most important thing is that there won't be any serious consequences for the money markets. so that the trading conditions that we currently enjoy between our countries remain unchanged. >> here is a quick look at how shaping up across the european trading day. still very solid gains in the banking sector. up about 3.5%. in a week where you see mostly beaten up trade it is some of the ones that have been hardest hit that are scooping up gains today. and banks are front and center in the dialogue. travel and leisure, a bit of a decent start. insurance, financial services all above 2% mark. oil and gas we've had six straight declines for the oil price in the states. you have seen losses across that market. there is a bit of a bounce taking place in brent up about
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1.6% and wti up about 1.2%. so those gains have been one of the key factors behind the bounce in the oil and gas stocks in europe today. right at the bottom of the european markets had been technology and just worth noting you're seeing a little green on the boards for the nasdaq. it has been a week where you have seen losses in the tech heavy index. also the s&p 500 investors watching back-to-back losses at the end of the week for the u.s. markets. steve will be speaking to christine lagarde later today. stay tuned for that. that is it for today's show. i'm karen show. "worldwide exchange" is coming up next. thank you. ordering chinese food is a very predictable experience. i order b14. i get b14. no surprises. buying business internet, on the other hand, can be a roller coaster white knuckle thrill ride. you're promised one speed. but do you consistently get it? you do with comcast business.
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o good morning. stocks around the world. as oil prices rebound and brexit fears ease. >> christine lagarde givering a speech in vienna on the future of europe. we'll bring you the highlights coming up. and game 7 and the cavs make a historic come back trouncing the golden state warriors to force a decisive final game in the nba finals. friday june 17, 2016. "worldwide exchange" begins right now ♪ hello friday ♪ i've been waiting for you for a long time ♪ ♪ you just saved

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